Pune Property News: HAL Factory In PCMC To Sell 20 Acres
(TNN, Nov 2, 2010)
PUNE: Pimpri-based Hindustan Antibiotics Limited (HAL) — the country’s first public sector drug manufacturing company which has been in financial doldrums for some years now — plans to sell a prime 20-acre land on its premises to shore up its reserves.
With land getting scarce in the Pimpri-Chinchwad township, the sale offer is expected to generate much interest among developers. A major chunk of the land — 16.3 acres — has been set aside for residential purposes, while the remaining 3.7 acres has been reserved for a school. Property prices in housing societies around the company hover in the range of Rs 3,500-Rs 4,000 per sq.ft.
HAL is seeking a minimum reserve price of Rs 137 crore for the plot. In its bid document, it has mentioned the importance of the land because of its prime location. The company is just 12 km from the IT Park at Hinjewadi and 15 km from the proposed airport at Chakan and the existing airport at Lohegaon. The railway station, the Pune-Mumbai national highway and expressway are located close to the company.
The plot, which is part of the company’s surplus assets, was acquired under the land acquisition Act. According to the company, the sale has been approved by the central as well as state government.
The setting up of HAL in March 1954 marked the beginning of the massive industrialization in Pimpri-Chinchwad, which once was the richest municipal council in the country. However, the company has been incurring losses since 1993-94 and was referred to the Board for Industrial and Financial Reconstruction (BIFR) in January 1997.
